Symbols / WKHS $2.65 -4.68% Workhorse Group, Inc.

Consumer Cyclical • Auto Manufacturers • United States • NCM
WKHS Chart
About

Workhorse Group, Inc. designs and manufactures electric trucks and related fleet charging solutions. The company provides electric trucks for medium-duty fleet applications, including the Argo electric truck and Argo chassis, which integrate proprietary battery, drivetrain, and cab systems. It offers the Argo LFP battery with control signals, multiple pack configurations, and a range suitable for maximum gross vehicle weight, as well as six-phase motors and drivetrain systems that deliver torque and acceleration comparable to traditional engines. Solutions include real-time control software for power management, over-the-air updates, remote diagnostics, and tuning tools to enhance fleet uptime and performance. The company supplies fleet charging solutions, supports customized body builders with various charge port locations and high-voltage accessories, and incorporates safety and ergonomic features for drivers. Additional services include ongoing support for electrification, remote monitoring, and assistance with vehicle integration and fleet management, serving fleet operators and industries with specialized commercial vehicle requirements. The company was founded in 2009 and is based in Foster City, California.

Fundamentals
Scroll to Statements
Sector Consumer Cyclical Industry Auto Manufacturers Market Cap 23.32M
Enterprise Value 48.67M Income -64.09M Sales 21.21M
Book/sh -8.68 Cash/sh 1.24 Dividend Yield —
Payout 0.00% Employees — IPO —
P/E 0.04 Forward P/E -1.48 PEG —
P/S 1.10 P/B -0.31 P/C —
EV/EBITDA -1.08 EV/Sales 2.29 Quick Ratio 0.43
Current Ratio 1.54 Debt/Eq 78.75 LT Debt/Eq —
EPS (ttm) -0.45 EPS next Y -1.79 EPS Growth —
Revenue Growth 63.70% Earnings 2026-05-14 ROA -37.35%
ROE -57.68% ROIC — Gross Margin -40.15%
Oper. Margin -195.50% Profit Margin 0.00% Shs Outstand 8.80M
Shs Float 3.89M Short Float 3.76% Short Ratio 4.91
Short Interest — 52W High 67.32 52W Low 2.56
Beta — Avg Volume 96.42K Volume 178.67K
Target Price — Recom Hold Prev Close $2.78
Price $2.65 Change -4.68%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
—
Mean price target
2. Current target
$2.65
Latest analyst target
3. DCF / Fair value
$-75.93
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$2.65
Low
—
High
—
Mean
—

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2025-08-18 main Roth Capital Neutral → Neutral $2
2024-11-20 main TD Cowen Hold → Hold $1
2024-08-21 main TD Cowen Hold → Hold $0
2024-04-01 main DA Davidson Neutral → Neutral $1
2024-03-13 down RF Lafferty Hold → Sell $0
2023-11-15 down RF Lafferty Buy → Hold $1
2023-11-15 down BTIG Buy → Neutral —
2023-07-20 main B. Riley Securities Buy → Buy $3
2023-05-16 main DA Davidson Neutral → Neutral $2
2022-08-10 down Roth Capital Buy → Neutral $4
2022-05-16 main DA Davidson Neutral → Neutral $3
2022-03-02 up Roth Capital Neutral → Buy $7
2022-03-02 main DA Davidson Neutral → Neutral $5
2021-09-23 main DA Davidson Neutral → Neutral $8
2021-08-11 init DA Davidson — → Neutral $10
2021-06-04 down Cowen & Co. Outperform → Market Perform $13
2021-04-16 init B. Riley Securities — → Buy $20
2021-02-24 main Roth Capital — → Neutral $15
2020-12-10 init Wolfe Research — → Peer Perform $24
2020-11-16 init RF Lafferty — → Buy $29
News
RSS: Latest WKHS news
Insider Transactions
Filed Date Insider Relationship Transaction Shares Price Value SEC
2025-12-15 DAUCH RICHARD F Chief Executive Officer — 8,564 $6.51 $55,752
2025-12-15 DEDO JACQUELINE ADRIENNE Director — 5,051 $6.51 $32,882
2025-12-15 HARRINGTON JAMES D General Counsel — 532 $6.51 $3,463
2025-12-15 CHESS RAYMOND JOSEPH Director — 6,314 $6.51 $41,104
2025-12-15 MADER PAMELA S. Director — 5,051 $6.51 $32,882
2025-12-15 ANDERSON JOSHUA JOSEPH Chief Technology Officer — 296 $6.51 $1,927
2025-12-15 MARCH STANLEY RAYMOND Officer — 284 $6.51 $1,849
2025-12-15 MILLER AUSTIN SCOTT Director — 5,051 $6.51 $32,882
2025-12-15 BOTTI JEAN Director — 5,051 $6.51 $32,882
2025-12-15 HENRICKS ALAN S Director — 1,894 $6.51 $12,330
Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Revenue
21.21
+201.12%
7.04
-46.21%
13.09
+160.69%
5.02
Operating Revenue
21.21
+201.12%
7.04
-46.21%
13.09
+160.69%
5.02
Cost Of Revenue
30.77
+133.25%
13.19
-65.61%
38.35
+1.80%
37.67
Reconciled Cost Of Revenue
30.77
+133.25%
13.19
-65.61%
38.35
+1.80%
37.67
Gross Profit
-9.55
-55.47%
-6.15
+75.66%
-25.26
+22.65%
-32.65
Operating Expense
37.88
+30.92%
28.94
-63.85%
80.04
-17.00%
96.43
Research And Development
13.16
+2.11%
12.89
-47.31%
24.47
+5.40%
23.21
Selling General And Administration
24.72
+54.06%
16.05
-71.13%
55.57
-24.10%
73.22
Total Expenses
68.65
+62.96%
42.13
-64.42%
118.39
-11.72%
134.11
Operating Income
-47.44
-35.22%
-35.08
+66.68%
-105.30
+18.43%
-129.08
Total Operating Income As Reported
-47.44
-14.78%
-41.33
+60.75%
-105.30
+18.43%
-129.08
EBITDA
-46.20
-34.83%
-34.27
+69.19%
-111.24
+1.99%
-113.49
Normalized EBITDA
-47.24
-68.59%
-28.02
+74.81%
-111.24
+1.99%
-113.49
Reconciled Depreciation
1.24
+51.35%
0.82
-79.92%
4.06
+108.88%
1.95
EBIT
-47.44
-35.22%
-35.08
+69.57%
-115.30
+0.12%
-115.44
Total Unusual Items
1.04
+116.62%
-6.25
—
0.00
Total Unusual Items Excluding Goodwill
1.04
+116.62%
-6.25
—
0.00
Special Income Charges
0.00
+100.00%
-6.25
—
0.00
Other Special Charges
—
—
—
—
Write Off
0.00
-100.00%
6.25
—
—
Net Income
-64.09
-24.23%
-51.59
+58.37%
-123.92
-5.67%
-117.27
Pretax Income
-64.08
-24.22%
-51.59
+58.41%
-124.03
-5.76%
-117.27
Net Non Operating Interest Income Expense
-17.42
-69.80%
-10.26
-17.51%
-8.73
-375.07%
-1.84
Interest Expense Non Operating
—
22.24
+154.74%
8.73
+375.07%
1.84
Net Interest Income
-17.42
-69.80%
-10.26
-17.51%
-8.73
-375.07%
-1.84
Interest Expense
—
22.24
+154.74%
8.73
+375.07%
1.84
Other Income Expense
0.78
+112.48%
-6.24
+37.57%
-10.00
-173.28%
13.65
Other Non Operating Income Expenses
-0.26
-8733.33%
0.00
+100.03%
-10.00
-173.28%
13.65
Gain On Sale Of Security
1.04
+117.96%
-5.78
—
—
Tax Provision
0.00
+300.00%
0.00
+100.90%
-0.11
0.00
Tax Rate For Calcs
0.00
+0.00%
0.00
+23469.02%
0.00
0.00
Tax Effect Of Unusual Items
0.22
+116.62%
-1.31
0.00
0.00
Net Income Including Noncontrolling Interests
-64.09
-24.23%
-51.59
+58.37%
-123.92
-5.67%
-117.27
Net Income From Continuing Operation Net Minority Interest
-64.09
-24.23%
-51.59
+58.37%
-123.92
-5.67%
-117.27
Net Income From Continuing And Discontinued Operation
-64.09
-24.23%
-51.59
+58.37%
-123.92
-5.67%
-117.27
Net Income Continuous Operations
-64.09
-24.23%
-51.59
+58.37%
-123.92
-5.67%
-117.27
Normalized Income
-64.91
-39.12%
-46.65
+62.35%
-123.92
-5.67%
-117.27
Net Income Common Stockholders
-64.09
-24.23%
-51.59
+58.37%
-123.92
-5.67%
-117.27
Otherunder Preferred Stock Dividend
—
—
—
—
Diluted EPS
-6.76
-969.94%
-0.63
+99.96%
-1,793.40
+19.22%
-2,220.00
Basic EPS
-6.76
-969.94%
-0.63
+99.96%
-1,793.40
+19.22%
-2,220.00
Basic Average Shares
9.47
-88.39%
81.61
+118012.13%
0.07
+30.72%
0.05
Diluted Average Shares
9.47
-88.39%
81.61
+118012.13%
0.07
+30.72%
0.05
Diluted NI Availto Com Stockholders
-64.09
-24.23%
-51.59
+58.37%
-123.92
-5.67%
-117.27
Total Other Finance Cost
17.42
+69.80%
10.26
—
—
Line Item Trend 2023-12-31
Total Assets
141.67
Current Assets
93.83
Cash Cash Equivalents And Short Term Investments
25.85
Cash And Cash Equivalents
25.85
Receivables
4.47
Accounts Receivable
2.33
Gross Accounts Receivable
2.52
Allowance For Doubtful Accounts Receivable
-0.19
Other Receivables
2.14
Inventory
45.41
Raw Materials
32.68
Work In Process
2.89
Finished Goods
18.31
Prepaid Assets
7.19
Restricted Cash
10.00
Other Current Assets
0.91
Total Non Current Assets
47.85
Net PPE
47.67
Gross PPE
56.83
Accumulated Depreciation
-9.16
Properties
0.00
Land And Improvements
2.13
Buildings And Improvements
12.68
Machinery Furniture Equipment
23.08
Construction In Progress
1.10
Other Properties
17.84
Leases
—
Goodwill And Other Intangible Assets
—
Goodwill
—
Other Intangible Assets
—
Investments And Advances
0.00
Other Non Current Assets
0.18
Total Liabilities Net Minority Interest
58.56
Current Liabilities
53.28
Payables And Accrued Expenses
14.89
Payables
12.46
Accounts Payable
12.46
Current Accrued Expenses
2.44
Pensionand Other Post Retirement Benefit Plans Current
2.08
Current Debt And Capital Lease Obligation
23.74
Current Debt
20.18
Other Current Borrowings
20.18
Current Capital Lease Obligation
3.56
Current Deferred Liabilities
4.71
Current Deferred Revenue
4.71
Other Current Liabilities
5.95
Total Non Current Liabilities Net Minority Interest
5.28
Long Term Debt And Capital Lease Obligation
5.28
Long Term Debt
—
Long Term Capital Lease Obligation
5.28
Non Current Deferred Liabilities
0.00
Non Current Deferred Revenue
0.00
Non Current Deferred Taxes Liabilities
—
Other Non Current Liabilities
—
Stockholders Equity
83.11
Common Stock Equity
83.11
Capital Stock
0.00
Common Stock
0.00
Preferred Stock
0.00
Share Issued
0.10
Ordinary Shares Number
0.10
Treasury Shares Number
0.00
Additional Paid In Capital
834.68
Retained Earnings
-751.57
Gains Losses Not Affecting Retained Earnings
—
Other Equity Adjustments
—
Total Equity Gross Minority Interest
83.11
Total Capitalization
83.11
Working Capital
40.54
Invested Capital
103.29
Total Debt
29.02
Net Debt
—
Capital Lease Obligations
8.84
Net Tangible Assets
83.11
Tangible Book Value
83.11
Current Notes Payable
—
Current Provisions
1.90
Interest Payable
0.00
Inventories Adjustments Allowances
-8.48
Preferred Stock Equity
—
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Operating Cash Flow
-35.55
+6.82%
-38.15
+68.99%
-123.02
-31.13%
-93.82
Cash Flow From Continuing Operating Activities
-35.55
+6.82%
-38.15
+68.99%
-123.02
-31.13%
-93.82
Net Income From Continuing Operations
-64.09
-24.23%
-51.59
+58.37%
-123.92
-5.67%
-117.27
Depreciation Amortization Depletion
1.24
+51.35%
0.82
-79.92%
4.06
+108.88%
1.95
Depreciation
—
—
4.06
+108.88%
1.95
Depreciation And Amortization
1.24
+51.35%
0.82
-79.92%
4.06
+108.88%
1.95
Other Non Cash Items
0.81
+36.59%
0.59
-92.28%
7.68
+93.76%
3.96
Stock Based Compensation
0.68
+22.16%
0.56
-95.87%
13.42
+17.12%
11.46
Provisionand Write Offof Assets
4.43
+36.39%
3.25
-63.09%
8.80
-50.34%
17.72
Asset Impairment Charge
0.00
-100.00%
6.25
-37.54%
10.00
0.00
Deferred Tax
—
—
—
0.00
Deferred Income Tax
—
—
—
0.00
Operating Gains Losses
0.23
-95.99%
5.78
—
0.38
Gain Loss On Investment Securities
—
5.78
—
—
Unrealized Gain Loss On Investment Securities
-1.04
0.00
—
0.00
Gain Loss On Sale Of PPE
—
—
0.00
-100.00%
0.38
Change In Working Capital
22.19
+1022.77%
1.98
+104.59%
-43.07
-258.63%
-12.01
Change In Receivables
0.05
-96.50%
1.52
+533.75%
-0.35
+97.94%
-16.93
Changes In Account Receivables
0.05
-96.50%
1.52
+533.75%
-0.35
+97.94%
-16.93
Change In Inventory
4.85
+196.27%
-5.04
+87.18%
-39.29
-136.30%
-16.63
Change In Prepaid Assets
1.18
+282.92%
-0.64
+27.69%
-0.89
+90.79%
-9.67
Change In Payables And Accrued Expense
16.74
+145.57%
6.82
+406.06%
-2.23
-106.61%
33.68
Change In Accrued Expense
14.69
+87.65%
7.83
—
—
Change In Payable
2.05
+302.07%
-1.01
+54.51%
-2.23
-106.61%
33.68
Change In Account Payable
2.05
+302.07%
-1.01
+54.51%
-2.23
-106.61%
33.68
Change In Other Working Capital
—
—
-0.18
+90.41%
-1.88
Change In Other Current Assets
—
—
0.00
+100.00%
-0.08
Change In Other Current Liabilities
-0.63
+6.37%
-0.68
-121.29%
-0.31
+87.16%
-2.38
Investing Cash Flow
9.83
+306.41%
-4.76
+74.52%
-18.69
+6.65%
-20.02
Cash Flow From Continuing Investing Activities
9.83
+306.41%
-4.76
+74.52%
-18.69
+6.65%
-20.02
Net PPE Purchase And Sale
—
—
0.00
-100.00%
2.48
Sale Of PPE
—
—
0.00
-100.00%
2.48
Capital Expenditure
-0.60
+87.33%
-4.76
+74.52%
-18.69
-6.80%
-17.50
Capital Expenditure Reported
-0.60
+87.33%
-4.76
+74.52%
-18.69
-6.80%
-17.50
Net Investment Purchase And Sale
—
—
—
-5.00
Purchase Of Investment
—
—
—
-5.00
Sale Of Investment
—
—
—
0.00
Net Business Purchase And Sale
10.43
0.00
0.00
+100.00%
-5.00
Purchase Of Business
—
—
0.00
+100.00%
-5.00
Gain Loss On Sale Of Business
—
—
—
—
Financing Cash Flow
32.02
-29.30%
45.29
-42.15%
78.28
+582.66%
11.47
Cash Flow From Continuing Financing Activities
32.02
-29.30%
45.29
-42.15%
78.28
+582.66%
11.47
Net Issuance Payments Of Debt
22.00
-51.11%
45.00
+170.74%
16.62
+2038.22%
-0.86
Issuance Of Debt
22.00
-51.11%
45.00
+157.14%
17.50
0.00
Repayment Of Debt
0.00
+100.00%
-0.00
+99.77%
-0.88
-2.56%
-0.86
Long Term Debt Issuance
—
34.11
+94.93%
17.50
0.00
Long Term Debt Payments
0.00
+100.00%
-0.00
+99.77%
-0.88
-2.56%
-0.86
Net Long Term Debt Issuance
0.00
+100.00%
-0.00
-100.01%
16.62
+2038.22%
-0.86
Short Term Debt Issuance
22.00
-51.11%
45.00
—
—
Net Short Term Debt Issuance
22.00
-51.11%
45.00
—
—
Net Common Stock Issuance
—
7.34
-88.18%
62.16
+382.42%
12.88
Repurchase Of Capital Stock
—
—
—
0.00
Proceeds From Stock Option Exercised
0.02
-55.26%
0.04
+107.67%
-0.50
+11.48%
-0.56
Net Other Financing Charges
10.00
—
—
-0.86
Changes In Cash
6.29
+165.33%
2.37
+103.74%
-63.43
+38.04%
-102.37
Beginning Cash Position
6.63
+55.68%
4.26
-95.71%
99.28
-50.77%
201.65
End Cash Position
12.92
+94.90%
6.63
-81.51%
35.85
-63.89%
99.28
Free Cash Flow
-36.16
+15.75%
-42.91
+69.72%
-141.71
-27.31%
-111.32
Interest Paid Supplemental Data
0.00
0.00
—
—
Income Tax Paid Supplemental Data
0.00
+0.00%
0.00
—
—
Common Stock Issuance
—
7.34
-88.18%
62.16
+382.42%
12.88
Dividend Received CFO
—
—
—
0.00
Issuance Of Capital Stock
0.00
-100.00%
0.25
-99.60%
62.16
+382.42%
12.88
Net Preferred Stock Issuance
0.00
-100.00%
0.25
—
0.00
Preferred Stock Issuance
0.00
-100.00%
0.25
—
—
Preferred Stock Payments
—
—
—
0.00
Sale Of Business
10.43
0.00
—
—
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

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